USD 1.22 billion
Report ID: SQMIG50I2005 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 157 | Figures: 78
Esports Market size was valued at USD 1.22 billion in 2021 and is poised to grow from USD 1.44 billion in 2022 to USD 5.48 billion by 2030, growing at a CAGR of 21% in the forecast period (2023-2030).
Esport is a type of online sport in which two or more contestants engage in a multiplayer environment using online video games. It serves the same purpose as modern sports. The rising popularity of online video games is the primary market factor driving the growth of the Esports market.
Online video streaming platforms such as YouTube, Facebook, and TwitchTv are key applications driving the Esports Market globally. People all over the world are showing huge interest in Esports and investing their time, effort, and money in it. The demand for Esports games has grown considerably over the last few years and the aspects responsible were the growing youth populace, and changing lifestyles. Increasing awareness about the Esports industry combined with large investments in the Esports domain has been predicted to influence the growth of the Esports market worldwide.
Moreover, the growing recognition of advanced gaming technologies, increasing smartphone usage coupled with improved internet connectivity has increased the number of gamers and positively driven market growth. Esports is competitive online video gaming where the skill and professionalism of players are the most important factor. The pro gamers who played at this level have knowledge bout the game very well, such as a professional footballer or an athlete would in their respective fields.
In spite of the widespread economic slowdown caused by the coronavirus. the global Esports Market is flourishing. The practice of social distancing reduces moment and commercial activity to a minimum, online gaming provides an appealing hobby for people at home seeking social interaction. People staying at home due to lockdown increased the use of online gaming for refreshment and pleasure. This has significantly increased the acceptance of Esports Games. Therefore, driving the demand for these services among the end-users. However, the COVID-19 pandemic has led to increased acceptance of cloud technology to help customers across every industry to combat the pandemic situation. Furthermore, many countries are providing free and open-source platforms for E-sports for a limited period of time to help the public tackle the COVID-19 situation.
US Esports Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.22 billion
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The Global Esports Market is segmented based on Device Type, Revenue Model Streaming Platform, Type, Audience and Region. Based on Device Type it is categorized into: Smart Phone, Smart TV, Desktop-Laptop-Tablets, and Gaming Console. Based on Revenue Model it is categorised into: Sponsorship, Advertising, Merchandise & Tickets, Publisher Fees, Media Rights. Based on Type, it is categorised into Multiplayer Online Battle Arena (Moba), First-person Shooter (Fps), Real-time Strategy (Rts), Other. Based on Audience it is categorised Tournament Organizers, Alliances, Game Publishers, Sponsors, Esports Investors, Research Institutes and Organizations, Analysts and Strategic Business Planners, Market Research and Consulting Firms. Based on Streaming Platform, it is segmented into: Twitch, Youtube, Others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Esports Market Analysis by Device Type
The Esports market is segmented into smartphones, smart TV, personal computer, and gaming console. The gaming console segment ruled the Esports market share in 2021, which consists of Nintendo Switch, XBOX series X, and Playstation and it is expected to continue this trend during the forecast period.
The growth of the Esports gaming console segment can be attributed to a variety of benefits provided by these devices, such as high gameplay quality, which results in a better gaming experience. Though the smartphone category is projected to expand the fastest in the near future due to improvements in game quality and internet usage by millennials, this segment will register an unfathomable CAGR in the future. Furthermore, due to its wireless portability and cost-effective usage, smartphone adoption for playing Esport is significantly increasing among end-users, which adds significantly to the global market's growth.
Esports Market Analysis by Revenue Model
Based on the revenue stream, the sponsorship segment ruled the overall Esports market in 2021 and is predicted to continue this trend during the forecast period. This is credited to increasing acceptance of Esport in the gaming industry to gain a strategic and competitive advantage over their competitors. Furthermore, it provides a full gaming experience and a platform for the tournament in Esports, which drives the growth of the market.
On the other hand, the advertisement segment is expected to witness the highest CAGR in the coming years, as advertisement allows the event organizer to generate large revenue from the advertisement of the various brand during the Esports event which will create opportunities in the Esport market worldwide.
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Capital inflow in Esports is via media rights, live event ticket sales, gear sales, and in-game purchases, although sponsorships and advertising continue to generate the majority of revenue (69%). Asia-Pacific (APAC), North America, and Europe are the top three Esports markets, respectively, in terms of viewership and revenue. APAC will account for more than 57% of worldwide Esports viewing in 2021, up from 51% in 2020. The mobile gaming segment is set to make up 45% of the total global Esports market in 2021. That popularity is now spilling over into some competitive areas, as China has a flourishing mobile Esports scenario.
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Esports Market Driver
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The Global Esports Market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of Esports platforms.
Esports Market Top Player’s Company Profiles
Esports Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, By device type gaming console segment is anticipated to account for the largest share throughout the forecast period. Based on the revenue stream, the game publisher fee segment ruled the overall Esports market in 2021 and is predicted to continue this trend throughout the forecast period. Based on region, APAC will account for more than 57% of worldwide Esports viewing in 2021, up from 51% in 2020.
|Market size value in 2021
|USD 1.22 billion
|Market size value in 2030
|USD 5.48 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Esports Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Esports Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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